Internal Audit on the Energy, Resources and Industrial sector

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The Energy, Resources and Industrial industry consist of four sectors: Industrial Products & Construction, Mining & Metals, Energy & Chemicals, Power, Utilities & Renewables.

The Internal Audit Singapore practice has served a wide ranging of companies in the Energy sector. As the processes for the- companies in this sector is varied, we have segregated into six common sub-categories, with each category with their unique challenges and corresponding risks.

1. Renewables
2. Energy/ Commodity Trading
3. Oil, Gas Drilling, Equipment
4. Pipeline, Refining and Storage
5. Mining Companies
6. Energy Production

There will be unique risks to each sub-categories, and in our Assessment of key risks and processes for the Energy Sector, we have highlighted the keys common risks through our industry risk sensing, interactions with our clients and actual challenges faced. To address the key risks, we recommend the processes to be audited to provide comfort over the key controls.

For more details, please download the Assessment of key risks and processes for the Energy Sector.

Global Thought leadership

2023 Energy industry outlook
Energy companies are used to supply disruptions and price volatility. But how will they navigate the geopolitical and trade factors while adapting to the changing energy market? Companies will likely enter 2023 with strong financials and be deciding how to prioritize their short and long-term investments.

Energy as a service
Change is surging through the energy sector. A shift to a new Energy-as-a-Service (EaaS) business model is transforming the market, benefitting customers and boosting the deployment of low-carbon technologies. At the same time, the climate crisis is pushing energy providers to search for new ideas on how to provide clean power in modern, connected cities. An opportunity exists for these companies. How? With the new Energy-as-a-Service (EaaS) business model.

Success factors for a low-carbon future in the power sector
This paper explores factors to accelerate low-carbon future for the power sector, examining policies that can best support that objective, new financing mechanisms to expedite commercialisation of new technologies, and which technologies may most quickly address the challenges of intermittency.

Leveraging stakeholder trust for a sustainable future
From a scientific perspective, the oil, gas and chemicals (“OG&C”) sector is pre-eminently qualified to lead the global transition to a decarbonized world. Rather than naturally turning to OG&C companies for leadership on climate action, many stakeholders see the industry as an impediment to the energy transition, rather than a driver of it. It is our contention that trust must be established and leveraged for the OG&C industry to successfully transition to a sustainable future.

Thriving in Supply Chain Disruption

Supply chain disruption take place when one component of your supply chain fails to provide its good or service to the following process in the chain. By identifying the key business activities that could be affected by disruptions to your supply chain, you can prepare a plan of action to minimize the impact of supply chain disruption. Arising risk of supply chain includes poor supplier performance, demand planning complexity, skilled labor shortage, inflation, economic volatility, geopolitical, natural disasters, cyber and climate. In this article we discuss about these risks, and how we propose to address them.